Ethereum Recovers, But Returns To A Sideways Trend Below $1,700

Feb 17, 2023 at 12:56 // Price

Ethereum is trading within the positive trend zone

The Ethereum price (ETH) has re-entered the uptrend zone after retesting the resistance at $1,700.

Long-term analysis of the Ethereum price: bullish

Yesterday, buyers managed to keep the price above the resistance, but they were not able to maintain the upward momentum. The largest altcoin is trading in a small range between $1,600 and $1,700. If the price of the cryptocurrency breaks through the resistance of $1,700 and the upward momentum is maintained, Ether will resume its upward movement. The recovery of the market will lead to highs of $1,800 and $2,000. If the price falls below the 21-day line SMA on the downside, the uptrend will end. The altcoin will reach a low of $1,500.

Analysis of Ethereum indicators

Ether has regained positive momentum from period 14 level 58 of the Relative Strength Index. As long as the price bars remain above the moving average lines, the altcoin will continue to rise and retest the resistance level. The daily stochastic is at 40, where the cryptocurrency is in positive momentum. The upward momentum is currently slowing down.

ETHUSD(Daily Chart) - February 17.23.jpg

Technical indicators:

Key resistance levels – $2,000 and $2,500

Key support levels – $1,800 and $1,300

What is the next direction for Ethereum?

However, the price has stopped at the high of $1,700 as Ethereum is trading within the positive trend zone. Yesterday, Ether rose to $1,742 before falling. There is a chance that it will continue to rise. A retraced candlestick of the uptrend from February 16 tested the 61.8% Fibonacci retracement line. According to the retracement, ETH will rise to the 1.618 Fibonacci extension level or $1,913.68.

ETHUSD(4 hour Chart) - February 17.23.jpg

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing in funds.